A crypto strategist who precisely predicted Bitcoin’s present downtrend says BTC might now be gearing up for a countertrend rally.
Analyst Benjamin Cowen tells his 1.1 million followers on X that he sees Bitcoin sparking a rally very quickly after plummeting to the low $70,000 vary.
“BTC simply dropped under the April 2025 low. If it doesn’t bounce quickly, that is going to be one hell of a midterm yr. If it will probably bounce, it offers us just a few months and will get us nearer to October with out a lot dangerous value motion (doubtless the underside in time).
I really feel just like the bear narrative has been actually robust for some time, and so I might anticipate a countertrend rally quickly in order that it offers the bulls some hope for some time.
Nonetheless, I’ve realized my lesson in prior cycles, so I don’t try to commerce them. Countertrend rallies can occur, however generally they occur while you least anticipate them, not when everybody expects them. It is smart to imagine {that a} sweep of a previous low would supply some aid, as that has been true for BTC even through the bull market.”
Nonetheless, Cowan warns that Bitcoin might first have a deeper correction to its 200-week easy transferring common (SMA), at present round $57,000, earlier than mounting a rally based mostly on historic priority.
“However in 2014/2018/2022 when BTC fell under the 100-W SMA, it was straight to the 200-W SMA earlier than any aid occurred. The time to promote BTC was late final yr, not panicking on dumps within the midterm yr. I simply try to give attention to the larger image and the larger image is that late Q3/early This autumn can be a greater time to maneuver actual a reimbursement into the market.
Between at times it’s simply folks making an attempt to generate profits throughout troublesome occasions by making an attempt to commerce help/resistance ranges.”
Bitcoin is buying and selling for $73,082 at time of writing, down 4.1% at time of writing.
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